Crude has broken out of 7 day balance area it has been into.
currently sitting at 91.675 as I am wrting this post, which is a key point – Due to last week´s beahaviour I´m working towards the scenario of a big move in either direction.
To the downside, I´m looking into $91.50, followed by $91, $89.95, $89.75 & $89.30 – I am leaning towards a downside scenario, unless I see a rapid and consistent buying response around the current levels. I´m leaning towards a big move to the downside, provided buyers do not show up.
To the upside, I would like to see $92.75 regained. Then, I will be looking into $92.90, $93.15 & $93.50
QUICK NOTE (late post): $91.55 is a very important price point. It is the top of the area from which the move of Jan. 1st, 2013 propelled.